Franchise as a digital startup tech entrepreneur? – Small Business Ideas
Franchise as a digital startup tech entrepreneur? – Small Business Ideas
When thinking of being involved in the tech industry it can conjure up all kinds of images from Mark Zuckerburg’s Facebook to the late Steve Job’s Apple products – and even seem quite intimidating to say the least when starting out in this dynamic and exciting global industry – but don’t panic, you don’t really have to be an inventor/innovator/creator like some of these guys to make it in the tech industry.
In fact, there are all kinds of areas within this that you can get involved with. I was on the plane coming back from a break in Austria and I saw in the flight magazine an ad for buying into a CEX business model as a franchise.
So – you would be investing anywhere from $100k to $250k into existing proven and fairly stable business model.
An example is the CEX franchise. This could be perfect for you ‘if’ you are wishing to pursue a second hand electronics store. And the figures show a steady growth pattern and pretty stable growth model – as stores have a fairly low risk.
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When you really think about it, electronics is going no-where for now, so, by being a part of the second hand tech market (of which there will always be a market of sorts) you have a pretty low risk and fairly good returns.
Almost all business today relies on some form of technology so, there is always change and development and therefore there is always room to enter this existing market.
Not only do most businesses rely on Technology today it could be the deciding factor on whether a business succeeds or fails. And technological advances means that – all areas of business from agriculture to human development all benefit from new and powerful standards and cutting edge tools. So whether you wish to join a CEX franchise OR become the next Zuckerburg that’s down to you and your vision. There is – of course a ton of competition in the creation side of this business model. And when looking at your competition it could be that, your biggest rival or competitor trumps you only by a small margin because of their ability to offer more functionality or some other advantageous improvement on user experience so, it REALLY pays you to look at what is going on before just jumping in.
I have been studying Stanford and Harvard Business School trainings which have been of immense value to my own business growth over the years. Some are free and you can grab on your i-phone of smart phone and this has really helped me to have my finger on the pulse when helping my coaching clients make life altering decisions about which direction they may wish to take.
Something I have learned is that – In the tech startup industry it is common for many rivals or competitors to fight for the same space and market, knowing that the market is healthy and in demand. And also, a new idea is sprung into the tech space every day, whether it succeeds or not depends upon the teams vision and ability to understand and deliver the customer need better than their nearest rival. So the question is – can you see yourself in this space being a tech Enterprise software niche expert?
Many factors come into play to really succeed IN ANYTHING and so, really knowing what’s going on and studying those big players who are already succeeding in the industry is crucial to understanding where you might be a great solution. Just as with any business.
In my home of Bristol UK alone there are around 3000 new start ups being created each year and this is growing. Of course, not all are in tech but a large majority of them are. This is growing globally also. And remember we all need technology today so – its certainly a buoyant and growth area for innovation, invention and ideas. One of the key things i picked up is… ‘never think its all been done or being done’! There will always be room for expansion, change and growth in all existing systems and technologies.
For example – there are new digital-tech-entrepreneur-small-business-ideas and companies appearing everywhere – and even in Paris today, the start up industry is growing and booming thanks to certain laws, and bans being lifted in the digital development area.
These places with often great young minds are always looking at and exploring areas where common functions ‘we all know’ and have gotten used to. may be missing something such as a vital function/solution or benefit to the end user thus, with a fresh idea ‘they or you’ or someone else will fill that gap.
Oh and by the way – you don’t even need a new fresh idea to make it. This is a common mental flaw in the mindset or startups because it has been proven time and time again that what most people really need is just a better version of an existing product or service. Whilst ideas are amazing they may take you way past current market trends and abilities which could alienate current buyers so just be aware of where the needs are right now versus what the future holds.
There is way more risk is stepping way out in front where there is no market.
Another tip is – It also pays to realize that many people and businesses ‘are still not tech savvy’ so, of course – there are huge areas here for providing and simplifying systems with the ways they operate. But where could you begin?
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Franchise as a digital startup tech entrepreneur? – Small Business Ideas
Quality Versus Quantity and digital-tech-entrepreneur-small-business-ideas
Franchise as a digital startup tech entrepreneur? – Small Business Ideas
Lets look at quality versus quantity for a moment.
What do you think matters most?
The truth is that sometimes quantity matters when gathering data otherwise how would we know who we are aiming at?
And quality matters when executing business delivery products and or services.
Some think it’s one or the other but, there doesn’t have to be a ‘winner’ when talking about business. Let me give you an example – recently my Girl friend’s hand bag broke, however, she had another leather one in the cupboard which was much stronger and which she started using instead.
She loved the cheaper one as it looked good, but the other product was made better.
In business it is way better to go for creating quality as things can be replaced and your business could be replaced if it doesn’t meet with sufficient standards, but we also need to be selling enough in the first place.
Therefore when I charge for my premium consulting which is high end I charge high prices as of course it is high quality, but if I can also sell many of them I am doing great. The key thing here is selling to the right types and I would rather help less people and charge more and get get results, than help just anyone when I know full well that many people will not be a great client.
Confused yet?
Simply, most people want quality stuff as they associate it with lasting and with high end, so it’s worth the money.
But you still need to make money so you need to sell enough. That’s why I believe in both. But not compromising quality just to sell in high volume.
I am certainly not in any way a consumerist, but I do think that sometimes spending a little more is worth it – and cheap stuff bought all of the time means we just keep creating an engine for the manufacturing of crappy goods and services, so it pays to try and pay more for quality sometimes I think.
But what would you love to sell? Why? What would that do for you?
Could a franchise with a proven track record, a brand, and a set of cookie cutter instructions be the best way for you to have that set up for you?
Whatever you do, I would always suggest considering greater quality and value into life and business.
‘But’ what has this got to do with you starting a tech based business anyway?
I think that if we have great value to share, then we should share it, no matter what form that comes in.
And your greatest value could be in this industry bringing valuable ideas and innovations to market to create high quality goods and services. In the long term, you will have a greater chance of sustaining yourself and succeeding by producing quality and knowing that it is appreciated and sought after.
Your job is to look at buyers and consumers now and see where they see the quality!
So how does CEX work? They offer reduced priced second hand electronics, the quality is ‘mostly’ there and they do demonstrate this by offering guarantees. This is how they thrive in the marketplace and are one of the only companies that offer this. Plus, they know that many people will want to get rid of old tech stuff for whatever they can get for it and get the latest phone or gaming console or whatever they desire.
Very often this means that companies such as CEX can mark goods up pretty generously as the demand is there.
When trying to create a worthy solution it is said that ‘in the tech world’ we really want solve something significant but – also be able to explain easily in one sentence what that means. So, in keeping the idea itself simple whilst executing it’s message solidly is the only real way to build growth and momentum just as Apple have done.
If you have a place where tech goods are always in demand and are always being traded in, then it is a healthy business today as most of us rely on technology every day.
Before starting out, be sure that you fully explore a franchise if that’s what you desire running:
Franchising certainly makes it possible to start up a new business by following a proven business plan using certain methodologies, systems and a recognized trademark and this can dramatically speed up the process for you while reducing the risk involved, making for an easier entry into business. By knowing these things you have a way greater power than others who have no clue about where to start with a business.
And by also having your vision fixed every day so you have strength of focus you can manage your business and team to ensure you are connected to your goals. So, know your goals and what you are trying to achieve, and have clarity around your 1/3/5/10 year plan, as it will help you to shape your vision and start building momentum as you move forward.
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Franchise as a digital startup tech entrepreneur? – Small Business Ideas
Tech overload – digital-tech-entrepreneur-small-business-ideas
If this is all seems a bit risky for you at the moment then take a deep breath and connect with an expert. It can seem like a mountain to climb.
So, be sure before you commit to anything like this that you think you will be able to manage yourself when running and operating a team of people.
Alternatively, if you need chat about your own idea/s we can talk about that; We will look at creating that crystal clear vision and message I spoke of, we will have something on paper which I will send you helping you to get started making your ideas and business a reality. We will also, look at the fundamentals such as creating a structure, a scalable system and start researching the market place. Having been in Small business now for over 15 years I know how to manage every challenge as I have been there and mastered them.
As a consultant I am committed to growth so, if this sounds like fun to you then get in touch.
Franchise as a digital startup tech entrepreneur? – Small Business Ideas
Some Tips:
1) Never think you know it all as when you do you are failing – do your homework and always be a student leader
2) Get THE RIGHT help from an expert in the business area you are considering – speak to successful franchise owners out there now
3) Learn about how to manage teams as a modern leader and get them all on the same page – Speak to modern managers and team leaders
4) You don’t need a fresh idea you just need an established system or a gap in a market – If something works already then run with it or fill a gap
5) If a tech franchise isn’t for you – you could improve, innovate or change something which is currently out there – Perhaps an app or something else
6) Be careful if you think too far ahead of the market – it may be too advanced for current thinking and buying so be careful if/when being radical
7) Explore – Don’t just pick a franchise and borrow 250k, be VERY sure to look at all areas of the franchise landscape and get some notes on paper
8) Look at the numbers and explore them with an accountant – also talk to a person at CEX online and find out as much as you can
9) Suggested Study – Download the ‘Stanford business school Startup videos and audios’ to your phone and listen or watch to one a day.
10) CHECK OUT 5 REASONS TO BUY A FRANCHISE HERE
What are the greatest advantages and greatest disadvantages of buying a franchise?
So, in a franchise business model, the franchisor will provide you with a specific and developed way of operating the business, and they will or should offer ongoing guidance, systems and assistance in return of the periodic payments of fees and/or purchases.
Buying a franchise then can be a viable alternative to any other business type, should you wish to invest in something which is already established and working.
What are the advantages?
- A Franchise will offer you the independence of small business ownership which is also supported by the benefits of a big business network.
- You don’t necessarily need any business experience to run a franchise either. The Franchisor should provide you the training needed to run it.
- Statistically a franchise has higher rate of success than start-up businesses because of the fact that is it established and works.
- It might be easier to secure finance for a franchise. It may cost more to buy a franchise than start your own business of the same type but it pays.
- A Franchise OFTEN has an established reputation and brand image, with proven management work practices, and access to national advertising
- You will find that there is often ongoing support there for you also.
Disadvantages?
- When buying a franchise this means you are entering into a formal agreement with your franchisor.
- When entering into a franchise agreement this will dictate how you run the business, so there may be little room for creativity.
- There can be restrictions on where you operate your franchise, which products you sell and what suppliers you will use.
- If another franchise is performing badly it might also impact on your franchise’s reputation. For example; if a franchise brand name is in the news.
- When investing in a franchise his will mean an ongoing sharing of profit with the franchisor.
- IMPORTANT: A Franchisor does not have to renew an agreement at the end of the franchise term. So you are never in total control of it.
Franchise as a digital startup tech entrepreneur? – Small Business Ideas
It may seem as though a franchise is the easy way to become independent and your own boss as a first business, and in some ways it may be, however, franchising is no guarantee of success at all, and there are still those business principles which will be required of you, such as being a great leader, managing a team well, communication, informed decision-making, hard work, time management, managing your money, and looking after your team and customers.
Finally: Never assume that it will be a walk in the park; just because it has a great name and history, and if you have to put in the work which should already be developed then think twice about entering into it. Be sure to speak to a professional about the revenue and returns you can expect to demonstrate.
I do offer 1ON1 coaching where I help clients build solid small businesses and start ups from scratch whether they have experience or not so if you are interested in this you can talk to me for FREE in a strategy session @ www.GregDeTisi.com I will be happy to hear your ideas and help you cultivate them. You will also receive my ebook free just for applying which will really help you when starting out.
Frachise resources here:
CHIPS AWAY FREE FRANCHISE INFO PACK
FRANCHISE YOUR COMPANY THEY DO 90% OF THE WORK FOR YOU
CUSTOMIZED FRANCHISE REPORTING TOOL
FRANCHISE OPPORTUNITIES FOR UNDER $10k
11 KEY STEPS TO OPENING A FRANCHISE
HOW TO START A FRANCHISE SMALL BUSINESS.CO.UK
HOW TO START A FRANCHISE B-PLANS
39 BEST FRANCHISE OPPS IN 2020 HUBSPOT
SPITTING PIG HOG ROAST FRANCHISE OPP
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As always, I wish you the very best
Greg
CLICK HERE TO TALK WITH ME ABOUT YOUR IDEAS AND PASSIONS AND CREATING A SOLID PLAN
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Franchise as a digital startup tech entrepreneur? – Small Business Ideas
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